《大行報告》招銀國際下調安踏(02020.HK)目標價至98.2元 次季營運略有好轉惟前景仍然脆弱
招銀國際發表報告指,安踏體育(02020.HK)次季核心品牌銷售按年升高單位數,大概上符合預期,惟稍低於管理層指引;相反FILA次季銷售按年升高雙位數,勝於預期及公司指引。該行指,公司次季營運略有好轉,惟前景仍然脆弱。
該行表示,公司零售折扣水平好於預期,庫存水平健康,同時該行預料上半年毛利率改善有限,兩大品牌的銷售庫存比率維持少於5個月的時間。該行指,管理層維持早前兩大品牌銷售增長指引,但自5月份起,銷售上升走勢放緩,料6月至7月零售增長或均低於預期,並對利潤率持更保守看法。
該行表示,將安踏今年、明年及2025年純利預測分別下調5%、3%及2%,並降估值基礎,由原先預測今年市盈率34倍降至27倍,並與五年曆史平均值26倍相若;目標價相應由130.72元下調至98.2元,維持其評級爲「買入」。
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